5/14: MetroIntelligence Economic Update by P. DUFFY

CPI up 0.3 percent in April and 2.0 percent year-on-year

The Consumer Price Index rose 0.3 percent in April (the gas index alone was up 5.7 percent) and 2.0 percent year-on-year (the highest since last November). Minus food and energy, the CPI was up 0.1 percent in April and 2.1 percent year-on-year.

U.S. productivity increased 3.6 percent in the first quarter of 2019, as output increased 4.1 percent but hours worked rose by just 0.5 percent. This is the sharpest quarterly rise since the third quarter of 2014. Year-over-year, productivity increased 2.4 percent, reflecting a 3.9-percent increase in output and a 1.5-percent increase in hours worked. This was the largest annual jump since the third quarter of 2010.

Gallup: Share of Americans more likely to spend up to 34 percent, a decade high

Americans are more likely now than at any time in the past decade to report spending more money than usual in recent months. The percentage spending more in recent months is now 34%, up from 30% in 2018. Still, only 13% say higher spending is their new normal The majority preference for saving over spending holds firm near 60%